PresidentObama’srecenttriptoChinareflectsasymbioticrelationshipattheheartoftheglobaleconomy:ChinausesAmericanspendingpowertoenlargeitsprivatesector,whileAmericausesChineselendingpowertoexpanditspublicsector.Yetthisarrangementmayunravelinadangerousway,andifitdoes,themostlikelyculpritwillbeChineseeconomicovercapacity.
SeveralhundredmillionChinesefarmershavemovedfromthecountrysidetothecitiesoverthelast30years,inoneofthelargest,mostrapidmigrationsinhistory.Tohelpmakethiswork,theChinesegovernmenthassubsidizeditsexportersbypeggingtherenminbiatanunnaturallylowratetothedollar.Thishassupportedrelativelyhigh-payingexportjobs;additionalsubsidieshaveincludeddirectcreditallocationandpreferentialtreatmentforcoastalenterprises.
Thesearen’ttherecommendedpoliciesyouwouldfindinabasiceconomicstext,butit’shardtoarguewithsuccess.Mostimportant,ithasgivenmanymoreChineseastakeinthefutureoftheirsociety.Thosesamesubsidies,however,havespurredexcesscapacityandcreatedadangerouspolitical,dynamicinwhichtheseinvestmentshavetobeproppedupatallcost.
Chinahasbeenbuildingfactoriesandproductioncapacityinvirtuallyeverysectorofitseconomy,butit’snotclearthatthelatestroundofinvestmentswillbeprofitableanytimesoon.Automobiles,steel,semiconductors,cement,aluminumandrealestateallshowsignsoftoomuchcapacity.InShanghai,thecentralbusinessdistrictappearstohavehighvacancyrates,yetbuildingcontinues.
Chineseplannersnowtalkoftheneedtorestrictinvestmentinsectorsthatareoverflowingwithunsoldproducts.Theglobalmarketisnolongerstrong,anddomesticdemandwasneverenoughinthefirstplace.Regionalofficialshaveanincentivetopropuplocalenterprisesandproductionstatistics,evenifthatmeanssupportingprojectsoraccountingpracticesthatarenotsustainable.(315Words)
SeveralhundredmillionChinesefarmershavemovedfromthecountrysidetothecitiesoverthelast30years,inoneofthelargest,mostrapidmigrationsinhistory.Tohelpmakethiswork,theChinesegovernmenthassubsidizeditsexportersbypeggingtherenminbiatanunnaturallylowratetothedollar.Thishassupportedrelativelyhigh-payingexportjobs;additionalsubsidieshaveincludeddirectcreditallocationandpreferentialtreatmentforcoastalenterprises.
Thesearen’ttherecommendedpoliciesyouwouldfindinabasiceconomicstext,butit’shardtoarguewithsuccess.Mostimportant,ithasgivenmanymoreChineseastakeinthefutureoftheirsociety.Thosesamesubsidies,however,havespurredexcesscapacityandcreatedadangerouspolitical,dynamicinwhichtheseinvestmentshavetobeproppedupatallcost.
Chinahasbeenbuildingfactoriesandproductioncapacityinvirtuallyeverysectorofitseconomy,butit’snotclearthatthelatestroundofinvestmentswillbeprofitableanytimesoon.Automobiles,steel,semiconductors,cement,aluminumandrealestateallshowsignsoftoomuchcapacity.InShanghai,thecentralbusinessdistrictappearstohavehighvacancyrates,yetbuildingcontinues.
Chineseplannersnowtalkoftheneedtorestrictinvestmentinsectorsthatareoverflowingwithunsoldproducts.Theglobalmarketisnolongerstrong,anddomesticdemandwasneverenoughinthefirstplace.Regionalofficialshaveanincentivetopropuplocalenterprisesandproductionstatistics,evenifthatmeanssupportingprojectsoraccountingpracticesthatarenotsustainable.(315Words)
举一反三
- Sharon:Hey,youknow,thehotelclerktoldmeaboutagreatsushirestaurant.It’sreallyclosetothehotel.Doyouwanttogooutfordinnertonight?<br/>Bette:Oh,I’mreallytired.______<br/>Sharon:Butit’snotveryfar.Itreallyisjustdownthestreet. A: ButI’dliketohaveameal. B: Ireallydon’tfeellikegoinganyplacetonight. C: Soanyplacenearwilldo. D: ButIlikeyourideaverymuch
- Passage2<br/><spanstyle="display:block;text-align:center;">InGreenland,IceandInstability</span>TheancientfrozendomecloakingGreenlandissovastthatpilotshavecrashedintowhattheythoughtwasacloudbankspanningthehorizon.Flyingoverit,youcanscarcelyimaginethatitcoulderodefastenoughtodangerouslyraisesealevelsanytimesoon.<br/>Alongtheflanksinspringandsummer,however,thepictureisverydifferent.Foranincreasingnumberofwarmyears,anetworkofbluelakesandrivuletsofmelt-waterhasbeenspreadingeverhigherontheicecap.<br/>Themeltingsurfacedarkens,absorbinguptofourtimesasmuchenergyfromthesunassnow,whichreflectssunlight.Naturaldrainpipescalledmoulinscarrywaterfromthesurfaceintothedepths,insomeplacesreachingbedrock.<br/>Theprocessslightly,butmeasurably,lubricatesandacceleratesthegrindingpassageoficetowardsthesea.<br/>Mostimportant,manyglaciologistssay,isthebreak-upofhugesemi-submergedclotsoficewheresomelargeGreenlandglaciers,particularlyalongthewestcoast,squeezethroughfiordsastheymeetthewarmingocean.Asthesepassageshavecleared,thishassharplyacceleratedtheflowofmanyofthesecreeping,corrugatedandfrozenrivers.<br/>Someglaciologistsfearthattheriseinseasinawarmingworldcouldbemuchgreaterthantheupperestimateofabout60centimetresthiscenturymadebytheIntergovernmentalPanelonClimateChangelastyear.(Seasroselessthan30centimetreslastcentury.)<br/>Thepanel’sassessmentdidnotincludefactorsknowntocontributetoiceflowsbutnotunderstoodwellenoughtoestimatewithconfidence.Ascientificscrambleisunderwaytoclarifywhethertheerosionoftheworld’smostvulnerableicesheets,inGreenlandandwestAntarctica,cancontinuetoaccelerate.Theeffortinvolvesfieldandsatelliteanalysesandsiftingforcluesfrompastwarmperiods.<br/>Thingsaredefinitelyfarmoreseriousthananyonewouldhavethoughtfiveyearsago.
- Which<br/>is the largest vocabulary type in academic writing? () A: Academic<br/>words B: High-frequency<br/>words C: Technical<br/>words D: Low-frequency<br/>words
- Betty loves reading. _________,<br/>"Reading is the most wonderful thing in the world." A: in his<br/>words B: in she<br/>words C: in her<br/>words D: in other<br/>words
- Function<br/>words are open class words because new words are constantly added to<br/>these classes.(<br/>)